Legal Spend Management - Mitratech

Legal Spend Management

Legal departments need a legal spend management solution to fully operationalize their engagement with outside counsel, from negotiation and selection to budgeting, invoicing, approvals and analysis across business units both domestically and globally. Organizations with a comprehensive strategy for outside counsel selection and negotiation, the ability to view the firm’s work in progress, along with end-to-end invoice management have driven legal spend savings of 10% to 20% annually.

Legal Spend Management

How legal spend management solved similar challenges for our clients

The legal department is a highly trained and skilled team that is expected to perform as a best-run function in its organization. Today, that means being predictable with legal spend forecasts and effective in the engagement and management of outside counsel relationships. With outdated, manual spend management and e-Billing processes, legal teams are often spending too much valuable time on low value tasks such as:

  • Processing, reviewing, and approving invoices
  • Enforcing billing guidelines
  • Resolving disputes from incorrect, incomplete, or tardy invoice submission

In our recent whitepaper, “Catching the Wave: Legal Technology Spend at $3 Billion and Growing” a key conclusion was, “The forces impacting the market will require that both law firms and legal departments leverage technology in frequent and innovative ways in order to manage their increasing workload.” With a unified, proactive strategy to managing legal spend, a team can pivot from the mundane tasks to highlighting the strategic value the legal department delivers to the organization.

Our spend management solutions integrate with Collaborati, one of the most heavily adopted and well-known e-Billing solutions in the market with over 12,000 firms and vendors using it to submit invoices from more than 160 countries around the world. Additionally, Mitratech is the only legal management provider offering legal departments the opportunity to view law firm work in progress. Viewabill securely integrates with law firm time and billing systems, allowing firms to share entries in real time. By increasing visibility pre-invoice, the organic improvement in billing practices results in optimized spend, reduced disputes and enhanced relationships.